Private investor group Alcatraz Investments, LLC has acquired the 188,000-square-foot Indianapolis Enterprise Center on the near-east side of the city. Financial terms of the transaction were not disclosed.

The facility features office as well as storage and industrial space, and serves small business customers in the downtown Indianapolis market. Alcatraz Investments now plans to upgrade the property, which has experienced four years of deferred maintenance. Scott Meyers, the company’s principal, has owned the center once before, from 2005 to 2007.

“We’re genuinely excited about the opportunity to add this property back into our portfolio, having sold it back in 2007,” said Meyers. “The timing was perfect, as demand for storage and Industrial space is growing in this market, and the need for small, affordable office space has never been greater than during the recession.”

According to the Indianapolis Business Journal, San Francisco-based Wells Fargo Bank attempted to foreclose on the 78-year-old building in January. The bank sued former owner Indianapolis Enterprise Center LLC to recoup a $3.1 million loan balance.

In regional news, the Bloomington City Council has approved a plan to vacate a downtown property to allow for the construction of a $27 million Hyatt Hotel.

The Herald-Times reports that REI Investments and White Lodging are planning to develop a 168-room Hyatt on West Kirkwood Avenue between Gentry Street and the B-Line Trail. Construction on the project is expected to begin next spring. Upon completion during the second quarter of 2014, REI would own 75 percent of the new hotel, while White Lodging would own 25 percent and be in charge of the property’s management.